Aceto Moves Ahead With Rising Divestment
Aceto has received approval to divest its Rising Pharmaceuticals unit to Shore Suven Pharma for $15m as part of bankruptcy proceedings.
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Aceto has completed the divestment of its Rising Pharmaceuticals generics unit, is moving ahead with the disposal of its chemicals business and has disclosed a bonus incentive scheme for its CEO, William Kennally, aimed at securing the maximum value for its assets as part of bankruptcy proceedings.
Aceto has struck a deal to sell its Rising Pharmaceuticals unit and related businesses to Shore Suven Pharma for US$15 million. The agreement comes shortly after Aceto agreed to divest its chemicals business assets for US$338 million after filing Chapter 11 bankruptcy petitions in the US.
Struggling US firm Aceto has filed Chapter 11 bankruptcy petitions at the same time as agreeing to divest its chemicals business assets for US$338 million, with plans to also offload its Rising Pharmaceuticals unit.